STEP LEASE Definition

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STEP LEASE is a type of lease that outlines or stipulates the expected annual increases in the tenants base rent based on an approximation of what the landlord believes what the landlord's expenses may be.

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USEFUL LIFE is the expected period of time, in years, during which a depreciating asset will be productive.

CFO is an acronym for: a. Cash Flow From Operations; or, b. Chief Financial Officer. The CFO is the officer in a corporation responsible for handling funds, signing checks, the keeping of financial records, and financial planning for the company.

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